I-09.06 Problem

I-09.06 Problem - I-09.06 Beginning and end of year balance...

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I-09.06 Beginning and end of year balance sheets for Jensen Corporation follow. Also shown is the income statement for 20X6. No investments were sold during the year, however, stock in Delta Corporation was acquired on August 15, 20X6. Dividends of $50,000 were received on each of the investments in Alpha and Beta. Form a four-person team. Assign each team member to one of the investments - Alpha, Beta, Delta, or Gamma. Team members should examine the financial reports that follow and prepare an explanation of the activity and accounting for their specifically assigned investment. Then, the team should meet and each member present their explanation to the remainder of the group. JENSEN CORPORATION Balance Sheet January 1, 20X6 Assets Current assets Cash 34,500 $ Accounts receivable 145,667 Trading security investment in Alpha 500,000 680,167 $ Long-term Investments Equity method investment in Beta 800,000 $ Investment in Gamma Bonds 842,000 1,642,000 Equipment (net of accumulated depreciation)
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I-09.06 Problem - I-09.06 Beginning and end of year balance...

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